?For those who have their own Business

[fastford21g]

So Unfortunately my office is closing, Ive been here 7 years and I am sad to see it go. HOWEVER the owner has offered me a pretty nice retention bonus and severance package. I will basically be collecting my salary for four months after this place closes down. With that in mind I figure it is the PERFECT time to start something for myself!!!
So I am basically brainstorming on what to do /open, and I wanted to hear from those of you that have actually gone into business for yourselves. What have you done ?? And are you happy doing it??? I'm open to anything and have done many skill sets. My passion is automotive, but with the sheer operating expense to start up a shop I am hesitant to do so. . . .so again - thoughts? opinions?? IDEAS???

 

[getsum95]

If you move to central Illinois and start a Chic-Fil-A franchise I can assure you will be filthy, stinking, f-ing rich within a year.

 

[James Snover]

And you get Sundays off. And you get to punch liberal sociologists in the face when they harass your staff.

Tell you what, I may just start one!

If you move to central Illinois and start a Chic-Fil-A franchise I can assure you will be filthy, stinking, f-ing rich within a year.

 

[Jenkins]

If you move to central Illinois and start a Chic-Fil-A franchise I can assure you will be filthy, stinking, f-ing rich within a year.

I looked into that one time but you have to be a owner/operator. Which means you have to work a 40 hour work week there. And we wouldnt have been able to do that.

But to the OP. I believe a small business is not created in 4 months. My grandfather and I have a small business and after 5 years we finally have a nice office and warehouse. Every time i see someone dump a lot of cash into a small business instead of starting small and slowly building it from the bottom they always seem to not last. Just my 2 cent.

 

[Jenkins]

And you get Sundays off. And you get to punch liberal sociologists in the face when they harass your staff.

Tell you what, I may just start one!

And you have to have been at the same church for a couple years for them to approve a franchise. They are on of the hardest franchises to get but i here they are worth it.

 

[MachJoe]

I have a small business. I do photography for dealerships and car events as automotive is my passion too and like you said, starting a shop is crazy expensive. I absolutely HATE it. Many sleepless nights. I'm actually getting ready for a job fair today lol. With all honesty, it wouldn't be bad if I could find reliable people. I've fired at least 4 people and currently only have 2 employees. Money is great and the tax write offs help a lot, but just make sure you set money aside for taxes. My first year I was overwhelmed and had to owe $12k in taxes so stay on top of that. Just find something you have a passion for, get reliable people and you should be golden. Good luck to you! :beer:

 

[CobraBob]

Most small businesses fail in the first year. Not a downer. Just a fact. You really have to pick the right business, at the right time, and know there is a market for you to go after. And you're going to have to commit to working long hours initially to get it off the ground. A relative started a business (tool & die) and his first 10 years were hard ones. But now, he is established and successful, with a good partner and general manager. Much of his competition either folded or aren't making anywhere near the profit he is making. Starting your own business is difficult, especially if it will be your primary source of income.

I wish you the best and hope the business you choose is successful.

 

[DSG2003Mach1]

see if there are any small business offices in your area, we have a small business development center and a some business incubators through UCF. You can get loads of free market research as well as help launching it (marketing plans etc...)

 

[Blown 89]

Find a business broker and buy an existing business that will support the asking price. If you start s something you will be broke in for months and desperate for a job. Let someone else take the risk of starting one against the odds.

 

[65fastback2+2]

best way is to work a full-time job and start something part time and grow it into full time

 

[Machdup1]

What do you love doing. Forget money. If you own a business you will be working 7 days a week 16 hours a day for the first couple of years. If you don't live what you do, you won't make it.

 

[DSG2003Mach1]

gotta consider what you want from the business as well, how much do you want to make? Theres plenty of mom and pop small businesses where they bring home about the same they would working out in the job market...others want a much bigger earning potential.

Personally Id like to figure something out to bust my ass for a few years and be annoying enough to a major player that theyll buy you to make you go away

 

[Blown 89]

Personally Id like to figure something out to bust my ass for a few years and be annoying enough to a major player that theyll buy you to make you go away

The more likely scenario is that they'll bend you over backwards knowing you don't have the capital to keep up with them in court.

My business is struggling with that now. When we get annoying the major players come in with prices we can't compete with and pilfer clients looking to save a buck. It's the Walmart syndrome. The internet has expanded business' global reach and it's hard for a small company to make waves because unlike the past they're competing globally now.

 

[DSG2003Mach1]

The more likely scenario is that they'll bend you over backwards knowing you don't have the capital to keep up with them in court.

My business is struggling with that now. When we get annoying the major players come in with prices we can't compete with and pilfer clients looking to save a buck. It's the Walmart syndrome. The internet has expanded business' global reach and it's hard for a small company to make waves because unlike the past they're competing globally now.

this can definitely be the case and we have this happen to us (not the court thing...nothing to go to court over) but at the same time they come through and make pretty decent offers to buy us out too

 

[BlackOutUT]

If u have the cash I would def take a look at buying an existing business or franchise. If your wanting to go on your own, try and adhere to a need in your commnity.

 

[fastford21g]

Thank you for everyone's well wishes - and helpful insight. I am really at a crossroads here with what to do. Rite now, I am the sole income for my family of 4 so this is definitely scary stuff. On the bright side my families expenses are minimal - no car payment, student loan, or massive debt. Just a relatively small mortgage.
If $$ were no issue and I could do "what I love" then ya, Ill open a repair/performance shop. BUT in reality that is very expensive and there are very real hurtles to jump (mostly time) before that type of business makes a profit.
MachJoe- you have given me an idea. Doing the photography for dealers, Im assuming getting the contract to do this is really the most important part?? How did you get into this???

 

[VirtualSVT]

There are a ton of professional photogs in Miami though.

Another pro tip is to choose a business that is rare in your area.

 

[black4vcobra]

I don't know if it appeals to you at all, but 16 years ago, my dad and uncle left full time jobs and bought a very small trucking company (1 pickup, 1 small stake truck). Since they stayed in the area they grew up in they knew a lot of shipping managers at local manufacturing plants. They established themselves and in the local area and then started reaching out to surrounding cities.

Neither of them have driven a truck in 8 or 9 years on a delivery and they work a week on, week off dispatching deliveries. Company now grosses $3 million+ a year and 20+ trucks of various sizes.

Lots of guys want to drive trucks, so they have their pick of non-retarded drivers, yet their biggest problem still is careless/lazy employees.

I'm a design engineer now, but I may end up in the trucking business in the future as I think i will get bored with sitting in an office everyday.


EDIT - was your stolen Cobra ever found? I'd be out for blood if mine was swiped.

 

[DSG2003Mach1]

transportation is something to really think about in FL the way insurance and lawsuits run, with big trucks theres no such thing as an oops. If you hit someone in a commercial vehicle you WILL get sued 99% of the time, deal with it all the freaking time. Thats before dealing with 20-30k engines etc...

 

[Camaro_94]

There's a ton of things related to automotive. Detailing, performance, sales, towing, repairs, graphics, etc.

You should like what you're doing, and when you have to put the 50-60+ hour work weeks in, you're not going to hate it as much, because its what you like.